Logo of Gulf Union Al Ahlia Cooperative Insurance Co.
Gulf Union Alahlia Cooperative Insurance Co. announced the results of rump offering and the final allocation of its rights issue shares, as the coverage ratio hit 100%, according to a bourse statement.
The number of shares covered by investment institutions during the rump offering period amounted to 4.19 million (25.08%).
Moreover, Yaqeen Capital, the underwriter, purchased 12.51 million shares (74.92%). Accordingly, its ownership reached 27.26%.
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Offering Details |
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Number of Shares Sold |
16.7 mln |
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Total Proceeds from Selling Rump Shares |
SAR 167.05 mln |
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Coverage Ratio (%) |
100% |
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Average Share Price |
SAR 10.004 |
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Net Compensation for Rights & Fractional Shares Holders |
SAR 74,600 |
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Date of Depositing Shares in Shareholders Accounts |
June 2, 2022 |
The period of subscribing to the company's rights shares ended on May 19, 2022, to increase capital from SAR 229.5 million to SAR 458.95 million, through a rights issue of 22.95 million shares at SAR 10 per share, granting each registered shareholder on the record date one right for every share held, according to Argaam's data.
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